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Macau’s November Gaming Tax Revenue Surges to $1 Billion

Macau-taxes-in-November-2024-Macau has solidified its position as a global leader in the gaming industry, reporting MOP$8.0 billion (US$999 million) in gaming tax revenue for November 2024. This figure, released by the Financial Services Bureau (DSF), represents a 6.4% increase from the same period last year and a significant 20.3% jump from October’s tax revenue.

This surge correlates with Macau’s October gross gaming revenue (GGR), which climbed to a post-pandemic record of MOP$20.8 billion (US$2.60 billion). This performance, driven by robust visitor numbers and record-breaking activity during the National Day Golden Week holiday, underpinned the government’s fiscal achievements.

From January to November 2024, Macau has collected a total of MOP$81.05 billion (US$10.1 billion) in gaming taxes, representing a 37.2% year-on-year increase. This total accounts for 96.9% of the government’s FY24 gaming tax estimate of MOP$83.6 billion (US$10.4 billion), positioning Macau to exceed its annual financial targets.

Overall government revenue during this period reached MOP$100.5 billion (US$12.5 billion), of which gaming taxes comprised a remarkable 80.6%.

Record-Breaking October Revenue Drives Fiscal Success

The tax achievements stem from a highly successful October, where Macau’s gaming operators generated MOP$20.8 billion (US$2.60 billion) in GGR. According to the Gaming Inspection and Coordination Bureau (DICJ), this represents a 6.6% year-on-year increase and a 20% rise from September’s MOP$17.3 billion (US$2.16 billion). The October figures also surpassed the previous post-pandemic high of MOP$20.2 billion (US$2.52 billion) recorded in May 2024.

The surge in revenue coincided with the National Day Golden Week holiday, which ran from October 1 to 7. Visitor numbers during the week reached 993,117, marking a 1.9% increase over 2019 figures. Hotel occupancy rates peaked at 98.5% on October 3 and 4, averaging 94.5% throughout the holiday period. Analysts have noted that market strength extended beyond Golden Week, prompting many to revise their revenue forecasts upward.

For the first 10 months of 2024, Macau’s GGR totaled MOP$190.1 billion (US$23.7 billion), reflecting a 28.1% growth compared to the same period in 2023. This sustained momentum highlights Macau’s ongoing recovery and resilience in the global gaming sector.

New Illegal Gaming Law Bolsters Regulatory Oversight

In parallel with its financial successes, Macau has taken significant steps to strengthen its gaming regulatory framework. The new Illegal Gaming Law, effective October 29, 2024, introduces strict penalties for unauthorized gambling activities, including “betting under the table” and illegal currency exchanges.

Key provisions of the law target side betting, a prevalent issue in Macau’s casinos, with offenders now facing up to eight years in prison. Individuals participating in any form of unlicensed gambling could face six months of imprisonment. The legislation also imposes severe penalties on those conducting illegal foreign currency exchanges within integrated resorts, with sentences of up to five years in prison.

To enhance enforcement, the Judiciary Police have been granted expanded investigatory powers, including the ability to conduct undercover operations and night-time searches. These measures address the nocturnal nature of gambling crimes, allowing for more effective intervention during peak activity hours.

The law also criminalizes illegal online gambling and unlicensed lotteries, ensuring that all gaming activities in Macau remain strictly regulated. Corporations engaged in unauthorized gambling can face fines of up to MOP$18 million (approximately US$2.25 million) and judicial dissolution, with company representatives held personally accountable if implicated.

Source:

“Macau government collects US$1 billion in gaming tax revenue in November”, asgam.com , December 12, 2024.

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Ontario iGaming Market Surpasses $2 Billion in Revenue, Sustains 15,000 Jobs

ONTARIO_IGAMING_MARKET_SUSTAINING_15000_JOBS_IN_SECOND_YEAR_SINCE_LAUNCHOntario’s regulated iGaming market has made significant economic strides, generating more than CAD$2 billion in revenue for the provincial government since its inception two years ago. According to a recent report by Deloitte, in its second year, Ontario’s competitive iGaming market (excluding the Ontario Lottery and Gaming Corporation’s iGaming offering) has sustained nearly 15,000 full-time equivalent jobs, marking an increase of 2,800 jobs from the first year.

A Recognized Leader in iGaming

“Our made-in-Ontario iGaming sector is being recognized internationally for its success as a leader in this space,” said Ontario Attorney General Doug Downey. “Working together with our partners and industry, we will continue to drive innovation and deliver robust player protections, all while displacing the unregulated market. Our iGaming sector is not only a job creator here in Ontario but it shows the world our ongoing commitment to building a sustainable and responsible iGaming industry.”

Deloitte’s report highlights that the total government revenue generated through the iGaming market reached $1.24 billion in the second year. This revenue includes $790 million supporting provincial government revenue, $75 million bolstering municipal government revenues, and $380 million aiding federal government revenue.

“This report puts Ontario’s iGaming market government revenue contribution at over $2 billion since it launched and with job contribution up by 24% from its first year, the benefits to Ontarians are significant,” said Heidi Reinhart, chair of the iGaming Ontario board.

Economic Contributions and Growth

Ontario’s iGaming market contributed $2.7 billion to Ontario’s GDP in its second year of operation, up from $1.58 billion in the first year. For every dollar spent by iGaming operations, an estimated $1.40 of GDP was supported in the Ontario economy, an increase from $1.14 in the first year.

The iGaming market has already achieved or nearly reached many of Deloitte’s year-five projections in its second year, with government revenue at 94%, direct jobs sustained at 120%, total full-time jobs sustained at 9%, and GDP contributions at 93% of the initial expectations.

“Through the development and growth of Ontario’s regulated iGaming market, we’re helping achieve the government’s goals in terms of job creation, innovation, and development while providing a safer experience for consumers,” added Martha Otton, executive director of iGaming Ontario.

Detailed Economic Impact

The report from Deloitte indicates that Ontario’s regulated iGaming market sustained 14,935 full-time equivalent jobs in its second year, a significant increase from the previous year. The market’s contribution to the GDP amounted to $2.7 billion, with a notable portion of $1.3 billion supporting labor income. This economic activity resulted from both operational activities and capital investments by licensed iGaming operators.

The breakdown of government revenue supported by the iGaming market is substantial: $790 million in provincial government revenue, $75 million in municipal government revenue, and $380 million in federal government revenue. These revenues include various taxes such as the Harmonized Sales Tax (HST), property taxes, and corporate and personal income taxes.

Comparing Year 1 and Year 2 Results

The growth from Year 1 to Year 2 of Ontario’s regulated iGaming market is significant. The estimated contribution to Ontario’s GDP grew by 70%, from $1.6 billion to $2.7 billion. The contribution to labor income increased by 45%, rising from $905 million to $1.3 billion. Employment contributions saw a 24% rise, growing from 12,070 full-time equivalent jobs to 14,935. Additionally, the contribution to provincial and municipal government revenue in Ontario increased by 66%, from $525 million to $865 million.

This robust growth illustrates the dynamic impact of Ontario’s regulated iGaming market on the province’s economy. The sector not only creates jobs but also drives significant revenue for the government, supporting a variety of public services and initiatives.

Source:

ONTARIO IGAMING MARKET SUSTAINING 15,000 JOBS IN SECOND YEAR SINCE LAUNCH, gamingintelligence.com, June 20, 2024.

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Indiana iGaming Revenue Could Exceed 2 Billion Dollars Within Three Years

A report commissioned by the Indiana Gaming Commission and conducted by Spectrum Group has found that the iGaming industry in the state could be able to generate revenue of up to 2.1 billion dollars over the first three years after legalization.

The report’s detailed prediction was that the iGaming sector could bring in between 1.9 and 2.1 billion dollars in revenue. This prediction is 5 percent more optimistic than what was revealed in the 2022 report.

The study has also pointed out that iGaming tax revenue over the first three years following legalization could amount to 929 million dollars for the state of Indiana. That prediction also represents a 5 percent increase on the estimations of the previous report.

The introduction of legal online gambling has been discussed for a long time in Indiana, with opponents claiming that online casinos would affect the activity of the long-standing land-based casinos in the state. However, the report claims that iGaming did not have a negative impact on other forms of gaming in other American states where it was introduced.

Despite the data provided in the report, chances for the legalization of online gambling in Indiana appear slim in 2024 because state legislators have agreed not to bring in any new proposals to this respect this year.

Lacking iGaming Legislation

The online sports betting industry has grown at a fast pace during the past few years in the United States, with online sportsbooks now legal in nearly half of the American states. However, iGaming has not been accepted on such a large scale, currently online gambling is legal in just seven states.

The lack of legislation for iGaming has prompted a major player such as WynnBet to close its operations in a number of states in August 2023. That left the major casino operator with activities just in Nevada in Massachusetts, where it owns land-based properties.

The chances of iGaming being introduced in New York also appear unlikely in 2024 after Governor Kathy Hochul has not introduced online gaming in the executive budget for 2025. However, state senator Joseph Addabbo did file a revised iGaming bill last week.

The example of the states that have introduced legal online gambling does provide some interesting data, though. Pennsylvania, for example, saw iGaming help its industry to reach a new gambling revenue record in 2023, a total amount of 5.7 billion dollars.

The iGaming sector attracted gross revenue of 1.5 billion dollars across the United States in the third quarter of 2023, an increase of 26 percent year-on-year and an all-time record for a single quarter.

Source: “Report finds Indiana igaming revenue could exceed $2bn within three years“. iGaming Business. January 19, 2024.

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New York Hits the US-Record $2 Billion Sports Betting Handle in October

The State of New York hit the nation-wide record as the total sports wagers placed through online operators totaled to more than $2 billion in October 2023. Such a handle also brought $166.3 million in revenues to mark the highest market level since the launch of online sports betting in the state in January 2022.

$2.01 Billion in Player Bets

new-york-mobile-sports-bets-break-2-billion-in-octoberNew York players reportedly wagered a total of $2.01billion using online platforms and mobile betting apps to hit the handle 30.5% higher than in the same month of 2022. The figure also represents a 14.2% higher level than $1.76 billion wagered in the state in September 2023.

Consequently, the market hit the record monthly revenue of $166.3million to exceed the September 2022 record of 165.5 million and stand for a 14.1% higher level than October 2022.The remarkable online sports betting result was extensively driven by several leading operators.

77% Market Share of FanDuel and DraftKings

FanDuel kept the New York market leading position with a 50% share in total revenues generated during October and the handle of $891.9 million representing a 44.5% stakein overall bets processed in the market in the given period. DraftKings followed with a 35.6% revenue share and the $652.3 million handle to get hold of a 32.5% share in the total market handle.

Individual Operator Contributions

The remaining around 15% of revenues and 23% of online bets placed in the state in October 2023 have been split to six major operators with their individual revenue and handle contributions standing as follows:

  • BetMGM: Revenue $7.2M; Handle $107.6M
  • Rush Street Interactive: Revenue $3.3M; Handle $114.2M
  • PointsBet: Revenue $1.3M; Handle $27.6M
  • Resorts World Bet: Revenue $894,039; Handle $7.7M
  • Wynn Interactive: Revenue $313,363; Handle $12.3M

Mets Owner and Hard Rock Partners for a Casino License

The $2 billion record handle testifies about the season of the increased gambling-related activities in New York. Another argument supporting the trend comes from the recently made announcement that Mets owner Steve Cohen would partner with casino giant Hard Rock International to bid for the last of the three casino licenses available for a casino development in downtown New York.

$8 Billion Metropolitan Park Casino Development

The billionaire and the top-tier casino operator revealed plans to build an $8 billion Metropolitan Park casino and entertainment complex next to the Citi Field Stadium in Queens, New York City.

The hotel and casino project includes separate sports betting facility, as well as a wide range of amenities, such as a music venue, food hall, an entertainment park, and the associated parking and retail facilities.

Obtaining Support to Bid For the License

Cohen has reportedly hosted multiple community workshops and conducted more than 20,000 door-to-door conversations with local community members. The project has thus secured the support of more than 89% of the pooled community members who signed the petition to support the project and help Mets owner take a lead in the metropolitan casino license race.

Source: “New York sets US-first with $2bn online sports betting handle in October”. iGB. November 13, 2023.

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Billion Dollar Casino Resort to Open in Ontario as iGaming Suggests Q1 GGR up 350% Y-o-Y

bIllion_dollar_casino_resort_to_open_in_ontarioGreat Canadian Entertainment has announced that Great Canadian Casino Resort Toronto is set to open June 20, 2023, at 5:00 p.m. local time. The highly anticipated opening, next to Woodbine Racetrack, will open a huge gaming floor of more than 300,000 square feet and all of the Las Vegas-style amenities Canadians have come to expect from the legacy lottery casino operator.

Meanwhile, Alcohol and Gaming Commission of Ontario subsidiary, iGaming Ontario’s (iGO) spokespersons were at the Canadian Gaming Summit in Toronto last week and iGO’s Martha Otton, executive director told a panel discussion and its sizable audience that the sectors participants are “crushing it”.

Neither Great Canadian’s press release nor iGaming Ontario’s comments addressed any possibility of unmovable objects being met with irresistible forces.

Landmark Development

Great Canadian Entertainment is betting on its in-person offering of entertainment, massive gaming space with over 4,800 slot machines and 145 table games situated in 328,000 square feet of gaming space – Canada’s largest casinos and one of the biggest in North America capturing in-person-gamblers’ attention and holding it through other amenities as well on 33-acres of fun with a great location near the Highways 401 and 427 interchange.

In addition to innovative modern architecture and a location adjacent to the popular Woodbine Racetrack, visitors will also find a 400-room hotel, a vast array of on-site dining, and a 5,000-person live entertainment venue.

While the new venue there cost some $1 billion it is also expected to generate about $500m in annual economic impact.

Great Canadian Entertainment CEO, Matthew Anfinson said of the opening: “We are thrilled to announce that our highly anticipated new casino will open on June 20. With meticulous attention to detail, state-of-the-art amenities, and a commitment to exceptional guest experiences, our landmark entertainment resort is a game-changer in Toronto,” said the CEO.

The company noted that the existing Casino Woodbine would continue operations without interruption until the new venue opens for a seamless transition. The release also noted that there will be a “PlaySmart Centre on the gaming floor, filled with engaging interactive tools and valuable responsible gambling resources available for all players.”

Ontario iGaming “Crushing It”

While the first quarter of business for iGaming in the province isn’t complete, so there are no final numbers available yet, Martha Otton of iGo told attendees at the Canadian Gaming Summit in Toronto on Wednesday that GGR or gross gaming revenues were “3.5 times as large as Q1 last year, “ according to a report on CDC Gaming Reports.

Other panel members discussing the first full year of legalized and regulated iGaming in the province included board chair of iGaming Ontario, Dave Forestell; Ontario Attorney General, Doug Downey, and Tom Mungham, chief executive officer of AGCO – the Alcohol and Gaming Commission of Ontario a crown agency responsible for the actual regulation of alcohol, gaming and horse racing sectors and cannabis retail stores in Ontario.

A study commissioned by iGO and provided by Deloitte was released at the discussion which estimates some 12,000 “full-time-equivalent” jobs had been created by liberalizing online gambling in Ontario and had boosted the province’s GDP contribution of some CAD$1.6 billion with $900m of that on labor income.

Of the more than 12,000 jobs, Otton said: “…whether they’re direct or indirect jobs in the market and an average salary well above the provincial average. They’re good jobs for this province coming here.”

The Deloitte report, “Economic Contributions of Ontario’s Regulated iGaming Market,” not only examines the economic impact of a more openly competitive model in the province but also the decision to keep the lottery involved. The former model was run through a hybrid crown corporation with the government being one stakeholder and the Ontario Lottery being the other. The current model brings dozens of competitors to the market while maintaining ties to the lottery.

The Deloitte report projected the potential for an additional 10,000 new jobs, a further boost to $4.7 billion in annual GDP, and the possibility of breaking the $2b mark in government revenues within the first decade of operations.

The report said that igaming employment is over 40% more lucrative than private sector employment with average earnings of over $100,000 per year and noted that some sectors participating include those with skills in mathematics, technology, engineering, and science.

Government sector benefits would include a boost in revenue from last year’s $470 million provincial earrings to nearly one and a half billion in revenue in 2031-32 based on the 20% revenue-share model used in Ontario; federal revenue increasing to ^47m from $238m, and a nearly two-fold increase in revenue for Ontario municipalities from $54m to $115m.

Source: Ontario’s regulated online gaming market generates 12,000 full-time jobs, CAD$1.6B economic impact, in first year, CDC Gaming Reports, June 14, 2023

Great Canadian to open Casino Resort Toronto on June 20, G3 Newswire, June 14, 2023

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